A new housing model that landed in Los Angeles several years ago made home ownership more affordable in pricey neighborhoods, a welcome option in a housing-starved region.
It also had a major flaw, according to critics: Investors often displaced tenants in cheaper rentals to renovate their units and resell them.
Now, an L.A. developer has a new approach to the so-called tenancy-in-common, or TIC, model, in which residents share ownership of the property. Instead of converting old, rent-controlled buildings into TIC properties, the developer is replacing single-family homes with new townhomes.
